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HomeMy WebLinkAbout2004-5-6805119 ORDINANCE NO. 2004-5-6805 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY APPROVING AN INTERLOCAL COOPERATION AGREEMENT BETWEEN THE CITY OF PADUCAH, KENTUCKY AND THE COUNTY OF MCCRACKEN, KENTUCKY WITH RESPECT TO THE FINANCING OF PUBLIC PROJECTS, AND AUTHORIZING THE EXECUTION OF SUCH INTERLOCAL COOPERATION AGREEMENT. WHEREAS, the City of Paducah, Kentucky (the "City") and the County of McCracken, Kentucky (the "County") have determined that it is necessary and desirable to (i) construct a new 100,000 square foot shell building within Industrial Park West of the City of Paducah, County of McCracken, Kentucky (the "IDA Project") to be leased to the Paducah McCracken County Industrial Development Authority (the "Authority") and to finance said IDA Project through the issuance of approximately $5,055,000 of the City's General Obligation Public Project Bonds, Series 2004 (the Bonds") and (ii) construct a rail spur within Industrial Park West of the City of Paducah, County of McCracken, Kentucky and acquire additional properties for future development located within the jurisdictions of the City and County (collectively, the "Property and Rail Project") and to finance said Property and Rail Project through the issuance of approximately $500,000 of the County's General Obligation Public Project Notes, Series 2004B (the "Series 2004B CountyNotes"), and WHEREAS, pursuant to the provisions of Sections 66.011 et. M. of the Kentucky Revised Statutes, as amended, (the "GO Act") each of the City and the County have determined that the IDA Project and the Property and Rail Project constitute public projects, for which each of the City and the County would be individually authorized to issue general obligation indebtedness; and WHEREAS, pursuant to Sections 65.210 to 65.300, inclusive, of the Kentucky Revised Statutes, as amended (the "Interlocal Act"), the City and the County may join together to accomplish what each may accomplish individually; and WHEREAS, the City and the County have determined that it is in the public interest that the IDA Project and the Property and Rail Project be owned and financed under a common plan of finance by the City and the County; and WHEREAS, as a result to the foregoing findings, the City and the County have determined that it is advantageous and in the best interests of the inhabitants of the City and the County that the City and the County proceed to undertake the acquisition, construction and financing of the IDA Project and the Property and Rail Project in the most cost effective manner pursuant to the Interlocal Act and an Interlocal Cooperation Agreement (the "Interlocal Agreement") to be entered into between the City and the County; and NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: Section 1. Recitals and Authorization. The City hereby approves the Interlocal Cooperation Agreement between the City and the County (the "Interlocal Agreement") in substantially the form attached hereto as Exhibit A and made a part hereof. It is hereby found and determined that the Interlocal Agreement is to be entered into in furtherance of proper public purposes of the City and in accordance with the provisions of the Interlocal Act. It is further determined that it is necessary and desirable and in the best interests of the City to enter into the Interlocal Agreement for the purposes therein specified, and the execution and delivery of the Interlocal Agreement is hereby authorized and approved. The Mayor and Clerk of the City are hereby authorized to execute the Interlocal Agreement, together with such other agreements, instruments or certifications which may be necessary to accomplish the transactions contemplated by the Interlocal Agreement with such changes in the Interlocal Agreement not inconsistent with this Ordinance and not substantially adverse to the City as may be approved by the officials executing the same on behalf of the City. The approval of such changes by said officials, and that such are not substantially adverse to the City, shall be conclusively evidenced by the execution of such Interlocal Agreement by such officials. 120 --- :. e�. L:ai Section 2. Severability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. Section 3. Compliance With Open Meetings Laws. This City Commission hereby finds and determines that all formal actions relative to the adoption of this Ordinance were taken in an open meeting of this City Commission, and that all deliberations of this City Commission and of its committees, if any, which resulted in formal action, were in meetings open to the public, in full compliance with applicable legal requirements. Section 4. Conflicts. All ordinances, resolutions, orders or parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this Ordinance shall prevail and be given effect. Section 5. Effective Date. This Ordinance shall take effect from and after its passage, as provided by law. INTRODUCED, SECONDED AND ADOPTED, at a duly convened meeting of the City Commission of the City of Paducah, Kentucky, held on May 4, 2004, after first reading held on April 20, 2004, signed by the Mayor of the City, attested by the City Clerk, filed and indexed as provided by law. By Mayor ATTEST: AWk B J a�IYUi�Ia/IAZ City Clerk 27762\1 Recorded by Tammara S. Brock, City Clerk, May 4, 2004 Published by The Paducah Sun, May 10, 2004 \ord\infiniti-interlocal agree ord CERTIFICATION I hereby certify that the above is a true and correct copy of an ordinance adopted by the City of Paducah, Kentucky, on May 4, 2004. 2 Tammara S. Brock, City Clerk