The URL can be used to link to this page

Home My WebLink AboutMO # 575 (Resolution)D4JNICIPAL ORDER (RESOLUTION) NO.�� A RESOLUTION OF THE CITY OF PADUCAH, KY , AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED INTERLOCAL COOPERATION AGREEMENT„ DATED AS OF , 1990, BETWEEN THE CITY OF DANVILLE, KENTUCKY, AND OTHER PUBLIC AGENCIES -PURSUANT TO THE PROVISIONS OF KRS 65.210 TO 65.300, RELATING TO THE KENTUCKY LEAGUE OF CITIES POOLED LEASE FINANCING PROGRAM. RECITALS A. Under the Interlocal Cooperation Act (the "Act"), Sections -65.210 to 65.300, inclusive, of the Kentucky Revised Statutes ("KRS"), any power or powers, .privileges or authority exercised or capable of exercise by a public agency (including a city) may be exercised jointly with another public agency under an agreement (an "inter -local cooperation agreement") with ,one another for joint or cooperative action and such public agencies may acquire, construct, maintain, add to and improve the necessary property, real and personal, which is required in order to accomplish the purposes of such interlocal cooperation agreement; any one of the public agencies (the "Issuer"), acting pursuant to such interlocal cooperation agreement, may issue, on behalf of all public agencies which are parties to such interlocal cooperation agreement, negotiable revenue bonds pursuant to an ordinance of the Issuer's legislative body; provided such bonds shall be payable solely from the revenue derived from the joint or cooperative action and shall not constitute an indebtedness of the Commonwealth or any of the participating public agencies. B. The Act further authorizes the public agencies to create a "separate legal or administrative entity" (the "Corpora- tion"), which entity may, on behalf of the participating public agencies, have certain powers delegated to it as provided in the interlocal cooperation agreement. C. Under KRS 58.010 et sea., a governmental agency (including a city) of the -Commonwealth, acting separately or jointly with any one or more public agencies, is ,authorized to acquire,, construct, maintain, add to and improve any "public project" (as defined in KRS 58.010), and for the purpose of defraying the cost thereof, to borrow money and issue negotiable revenue bonds, which -bonds shall be payable solely from the revenues derived from the "public project" (as defined in KRS 58.010) and shall not constitute an indebtedness of the Common- wealth or any of the Governmental Units, and to rent or lease such "public project" -(as defined In.KRS 58.010) or any portion thereof to, or contract concerning the "public project" (as defined in KRS 58.010) with, any persons, partnerships, associations or corpora- tions either public or private, profit or nonprofit. 385 Me D. The Governmental Units have determined that it would be in the best interest and welfare of their respective constitu- ents served by such 'Governmental. (!'Constituents"') and to their mutual advantage in performing their public and/or'governmen- tal functions to join together under the provisions hereof to establish a pooled lease financing'; program. (the "Program") to provide financing or refinancing for the acquisition, construction, maintenance and improvement of various public facilities and other property intended for use by such Governmental Units (the "Pro- jects") and the accomplishment thereby of the public purposes of the Governmental Units through [a] the issuance by the City of Danville, Kentucky ("Danville"), as Issuer, on behalf of the Governmental Units, of revenue bonds pursuant to the Act, KRS 58.010 et seQ., KRS 82.082, and other applicable law (the "Bonds"); [b] the delivery of the proceeds from the sale of the Bonds to a trustee (the "Trustee") under a trust indenture pursuant to which the Bonds will be issued [c] the disbursement by the Trustee to, or on behalf of, the Corporation of such proceeds in order to finance or refinance the Projects for the Governmental Units; and [d] the lease of each respective Project 'by'the Corporation to the Governmental Unit for which such Project is being financed under leases (the "Leases"), which in the aggregate provide for total rental payments sufficient to pay the principal of, premium, if any, and interest on the Bonds, as the same become due and payable, and all other costs and expenses of the Program. E. Certain GovernmentalUnits approved an Interlocal Cooperation Agreement (KML Pooled Lease Program) (the "Original Agreement"), dated as of July 1, 1986 determining that it would be in the best interest and welfare of their respective constituents and to their mutual advantage in performing the .public and/or governmental functions to establish a pooled financing program to provide financing or refinancing for the acquisition, construction, maintenance and improvement of various public facilities and other property intended for use by such Governmental Units and the accomplishment thereby of'the 'public and governmental purposes of the Governmental Units. F. The Original Agreement provided that the City of Danville, Kentucky ("Danville")', -as Issuer of revenue bonds on behalf of the Governmental Units, is authorized to take any and all actions it deems necessary to effect the sale and issuance of bonds (the "Bonds")- to provide funds for the pooled financing program, which authority expired on December 31, 1986, if the Bonds were not issued and sold by then.' Because of unforeseen delays, the Bonds were not issued and sold by December 31, 1986. G. Certain Governmental Units subsequently amended and restated the Original Agreement as of January 1, 1987 (the "Restated Agreement"). The Restated Agreement reinstituted Danville as the Issuer and proceeded to fulfill the purpose of the Original Agreement. RMIM MMAN H. The Governmental Units which were a party to the Restated Agreement have determined to amend and restate the Restated Agreement in order to authorizeother public'' agencies within the meaning of the Act to become signatories hereof and to participate in the Program' and to finance or refinance the acquisition, construction, maintenance and improvement of Projects and the accomplishment thereby of the public purposes of the Governmental Units on the terms and conditions contained in the Amended and Restated' Interlocal Cooperation Agreement dated as of January 1, 1990 intheform attached hereto (the "Amended Agree- ment"). I. In furtherance of the purposes of the Act and public benefit to the constituents of this Governmental Unit (the "Lessee"), the Lessee, through its duly constituted legislative body or other authorized officials or officers, desires to approve the execution and delivery by the Lessee of [i] the Amended Agreement and [ii] if Lessee has not previously concluded` the financing of Lessee's Projector Projects, at the appropriate time one or more Lease Purchase Agreements between the Corporation, as lessor, and the Lessee, as lessee, pursuant to which the Lessee, having conveyed to the Corporation an interest in one or more Projects, will lease the Project from the Corporation. CUNISSIONERS NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF/ OF THE CITY OF PADUCAH, KY , as follows: Section 1. It is hereby found, determined and declared that [i] the recitals set forth in the preamble to this Resolution; which are incorporated in this Section by reference, are true and correct, and the participation by the Lessee in the Program is hereby approved on a preliminary basis. Section 2.- In contemplation of the participation by the, Lessee in the Program, the of Lessee is hereby authorized and directed to execute and deliver on behalf of the Lessee, with the attestation of the of Lessee if that is required, the Amended Agreement and to seek and obtain the approval of the Attorney General of the Commonwealth with respect thereto; provided that nothing in this Resolution shall give rise to any obligation on the part of the Lessee to borrow or repay money or otherwise until after the execution and delivery of a Lease. Section 3. The , the and other appropri- ate officers of the Lessee are hereby authorized and directed to' proceed with the Corporation in structuring any appropriate participation by the Lessee in the Program, subject to final approval of a Lease. Section 4. This Resolution shall be in full force and effect from and after its adoption as provided by law. is INTRODUCED, SECONDED, READ. AND ADOPTED by the Board of Commissioners of the City of Paducah, KY , on the 27th day of November , 1990 on .the same occasion signed by the of the Lessee, and declared to be in full force and effect according to laws, [SEAL] Attest: City Clerk CERTIFICATION I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the Lessee identified herein, and as such Cly Jerk I further certify that the foregoing is a true, correct and complete copy of a Resolution duly adopted by the Board of Comm,of the Lessee on the 27 day of November, 1990 , on the same occasion signed by the Mavor as evidence of the approval thereof, and now in full f ce and effect, all as appears from the official records of the Lessee in my possession and under my control. WITNESS my hand and the Seal of the Lessee as of the 28th day of November , 1990 -7- City Clerk [SEAL] f:\DD\KLC.RES