HomeMy WebLinkAboutMO #2365MUNICIPAL ORDER NO. 2365
A MUNICIPAL ORDER AUTHORIZING AND DIRECTING THE FINANCE
DIRECTOR TO CALL THE SERIES 2011 GENERAL OBLIGATION BOND AND TO
RETIRE THE DEBT SERVICE RELATED TO SAID BOND ISSUE IN THE AMOUNT OF
$1,274,827.64 AND AUTHORIZING THE EXECUTION OF ALL DOCUMENTS RELATED
TO SAME
WHEREAS, the City of Paducah, adopted Ordinance No. 2011-7-7832 on July
12, 2011 to issue the series 2011 General Obligation Bonds for debt service related to the
property jointly owned by the City and County located at 5400 Commerce Drive in Paducah,
KY; and
WHEREAS, on July 10, 2020, the City and County sold said property to Standard
Insurances Company; and
WHEREAS, the City desires to use the sale proceeds from the sale of said
property to call and retire the debt issuance associated with the property, namely the series 2011
General Obligation Bond; and
WHEREAS, McCracken County, Kentucky, contributed $632,500.00 toward the
retirement of the principal; and
WHEREAS, the City has invoiced McCracken County for their portion of the
remaining accrued interest in the amount of $4,913.82.
KENTUCKY:
NOW THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
SECTION 1. That the City of Paducah hereby authorizes and directs the
Finance Director to call the series 2011 General Obligation Bond and to retire the debt
service related to said bond issue in the amount of $1,274,827.64 and authorizes the
execution of all documents related to same.
SECTION 2. This order shall be in full force and effect from and after the date of
its adoption.
r
Brandi Harless, Mayon
ATTEST:
Lindsay Parish, Ci Jerk
Adopted by the Board of Commissioners, July 14, 2020
Recorded by Lindsay Parish, City Clerk, July 14, 2020
\mo\Call & Retire 2011 General Obligation Bond