HomeMy WebLinkAboutMinutes Book 26, Page 188, May 15, 1968188
IProceedings of r•nmm nPr Cityof Padocah_
Close alley
7th & 8th,
Washington,/
and Clark �!
Streets
Amend Forest
Hills Bond/
ordinance J
At a Recessed Regular Meeting of the Board of Commissioners held in the Commission
CHamber of the City Hall, Paducah, Kentucky, at 4:00 P.M. on May 15, 1968, Mayor Cherry
presided and upon call of the Roll the following answered to their names: Commissioner:
Harvey, Lambert, McNutt, Puryear and Mayor Cherry (5).
Commissioner Lambert offered motion, seconded by Commissioner Harvey, that an
ordinance entitled "AN ORDINANCE CLOSING AN ALLEY IN THE BLOCK BOUNDED BY 7TH STREET,
WASHINGTON STREET, 8TH STREET AND CLARK STREET IN THE CITY OF PADUCAH, KENTUCKY", be
adopted. Adopted on call of the Roll, Yeas, Commissioners Harvey, Lambert, McNutt,
Puryear and Mayor Cherry (5).
Mayor Cherry offered motion, seconded by Commissioner McNutt, that an ordinance
entitled "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AMENDING AN ORDINANCE ADOPTED
ON FEBRUARY 21, 1968, 'AUTHORIZING THE ISSUANCE OF ONE MILLION TWO HUNDRED SEVENTY
THOUSAND DOLLARS ($1,270, 000. 00) PRINCIPAL AMOUNT OF CITY OF PADUCAH VOTED PUBLIC
FACILITIES BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO ACQUIRE CERTAIN PROPERTY KNOWN
AS FOREST HILLS,' (1) SO AS TO PROVIDE THAT ALL DATES SPECIFIED THEREIN SHALL BE
ADJUSTED CONSISTENT WITH THE DELAY ENCOUNTERED IN THE ISSUANCE OF SAID BONDS, (2) SO
AS TO SPECIFY THAT SAID PROJECT WILL BE USED BY THE CITY AS A PUBLIC FACILITY FOR A
PUBLIC PURPOSE AND AS A PUBLIC PROJECT, AND (3) SO AS TO PROVIDE THAT ANY LEASE INSTRU-
MENT IN WHICH THE CITY LEASES SAID PROJECT TO A NONPROFIT TAX-EXEMPT CORPORATION SHALL
CONTAIN A PROVISION THAT SAID CORPORATION SHALL HAVE FULL AND ABSOLUTE POWER AND
DISCRETION TO MANAGE SAID PROJECT AS A PUBLIC FACILITY FOR A PUBLIC PURPOSE AND AS A
PUBLIC PROJECT AND SO AS TO PROVIDE THAT AFTER ALL PRINCIPAL AND INTEREST ON SAID ONE
MILLION TWO HUNDRED SEVENTY THOUSAND DOLLARS ($1,270,000.00) OF BONDS HAVE BEEN PAID IN
FULL, TITLE TO SAID PROJECT MUST BE RECONVEYED FORTHWITH TO THE CITY AND THAT ANY FUNDS
THEN REMAINING FROM THE PROCEEDS OF SAID BONDS, THE INCOME FROM SAID PROJECT OR THE
INVESTMENT OF THE PROCEEDS OF EITHER, SHALL THEN BE REQUIRED TO BE RETURNED TO THE CITY,
AFTER WHICH THE CITY SHALL DETERMINE AN APPROPRIATE PUBLIC PURPOSE TO WHICH SAID PROJECT
SHALL BE DEVOTED", be introduced and remain on file for at least one (1) week for public
inspection in the completed form in which it shall be put upon its final passage.
Adopted on call of the Roll, Yeas, Commissioners Harvey, Lambert, McNutt, Puryear and
Mayor Cherry (5).
z1a, On motion the meeting adjourned.ADOPTED J �L c'--� )- r 1968 APPROVED :/ ✓' Y `�'�
Mayor
City Clerk