HomeMy WebLinkAboutOrdinances Book 9, Page 1297, No Ordinance Number.. ....) ..... .... ..... ACCliPTING Tlln TE,G,16 A!dD ::O;IDI"rI0':S
'70'.: ... ..._. THIN' ;'i::TAGIN(= �IRCCTORS OF TA -1 DISASTER
:Li':i'?: 15T, 1938, AS A;Z'-•-i1DC0 iY `CH[. A' iWATORZ
.i% DIMMORS 0:; JULY 5TII, 1938,-ROVIDING
,ICATIO;i 13Y r112 CITE OF PADUCAII FOR A LOAN 0:XCELD-
i
DOLLARS
('x100,000.00) A;iD :..:ICH I:CSOLUTIO;Iy
1 : FULL ".f_,1:,,A..D A� :: 'PROVED IN PULL HEI RSBY
BE IT 0 ........ vA;i, C,)!- :ISSION RS OF THv CITi OF
'r.DUCAii,
SECTION 1.
That the Board of Commissioners of said City of Paducah, .{entuc
.does hereby a?prove and accept the terms and conditions of a Rose-
!'lution adopted by the ;:anagin3 Directors of the Disaster Loan Cor-
poration on April 13t, 19380 as amended by an Amendatory Resolution
so adopted by said :,:anagln, Directors on July 5th, 1938, and which
resolutions in full are as follows:
"RESOLUTION
"RESOLVED FIRST, That DISASTER LOAN CORPORATION (hereinafter)
called "DWI), pursuant to the provisions of Public - No. 5 - 75th
Con3ress, as amended, make a loan in an amount not e:coodinZ ONE
lU' D ED THCUSA:;D DOLLARS ( +100,000) to the City of Paducrh,i{entucicy,
(Herein called "Borrower") "upon its Application No. 1, as amendod,
Docket No. DLC 7044, dated August 16, 1937, subject to the follor;in;
conditions:
"I. That this loan be disbursed in accordance with the provisions 0?
Condition II hereof upon delivery to the Louisville 3ranch of the
'oderal &eserve Bank of St. Louis (herein called "Custodian") of t'ic
follow±ng
"A. Special obli-ation hospital bonds (herein called "_onds")
of Borrower, payable to bearer or in such other form not
inconsistent -with the laws of the Covmonwealth of :.entucicy'
as ::iller and Grafton, Counsel, Louisville, ;Centuclry
(Horc±n called "Counsel") may require, occured by a �le:ige
of and a lien uoon the revenues of the hospital oined by {
3orro:•ier, 'mown as :iiverside Hospital, repa_rs and additions
thereto wraich aro to be ;wade from the proceeds of this longi!:
and additionally secured by any statutory mort3aGc lien or
lions upon said hospital and its appurternancos and additions
en 'Grin nta.:utes of the Concronwealth of i{entuclty pernil t',
in ons hereinafter not forth, or such other
dcounsol and (1esi,;nated &101 of DLC aF.
�.uc'ry (herein called "..;;cnt�) may approvo,
ep)-- usual comenants and provisions satisfactory
t0 oar±n- interest from the date tacreof at th0
rn. r annivi, payable somiannually on the rirst
d'r, ' - and July of each year, co:•uiiencin� January 1,
1)3) : - u to .:aturc serially in t:no followin:• amounts and
on January of each of the followin:; years:
'[cur !Lmount
1)Il
°:3,000
1:;43
4,000
1' 4
'
:10
1957 $6,000
1958 6,000
1959 6,000
1960 6,000
Said bonds shall be payable both as to principal and interest
In such funds as are, on the reppective dates of payment, leg
tender for debts due the United States of America, and said
Ponds are to be payable at such place as may bo determined by
'dent and Counsel.
"R.
:ritten or telegraphic statement of Arent that he has executed the
Certificate of AZent on DLC For 16 (which he has forwarded or will
i•inediately forward to Custodian and that he has received:
1. Option of Counsel on DLC Form 18; provided however, that Al
opinion shall be modified and/or supplemented to state tha
A. Borrower has express authority pursuant to law to socu e
and to issue the 3onds in the amount, with the maturib bs
and in the form required (not inconsistent with the to me
and conditions of this resolution) by Counsel.
b. The Bonds are ne3otiable in form.
c.
All requirements of all statutes relating to the Issuance
of said Bonds have been complied with, includin7, the
power of Borrower to incur debt for the purpose, in th
amount, in the form required by, and in accordance with
the terms of this resolution, the time and method of
payments and redemption of said Bonds and legal Sanctin
by the voters, as required by statute or practice of t e
Co-,w..onwealth of Kentucky, and all applicable ordinance
W
and proceedin3s of Borrower.
2. A-rcer,.ent of Borrower, in form and substance satisgactory
to
1-ent*and Counsel, that:
a.
The proceeds of this loan will be used substa-ltially fpr
the purposes set forth in the letter ofcy,
'Sent, addressed to JLC, :.ashington, D.C., :sated :.:arch'
15, 1938 and in such manner as is satisfactory to __gon
h.
_Prom time to time (which may be prior or subsequent to
the
I
disbursement of this loany, at the request of JLC, it 7ffill
$
take and cause to be taken such action as may be necespary
to effect the re3istration of the Bonds under the Secur-
ities Act of 1933, as amended, and to comply with all
requirements of law applicable to the registratlon of
Bonds or tolhe issuance, offerinZ or sale thereof, in
interstate conm;erce or by tho mail in any state of the�ho
United
States or the District ':f Columbia; all fees and expenses
in
as", ection taerewith to iso paid by Borrower.
a.
All plans, specifications, bids, contracts, coastcucta.pn
and expenditures with respect to the additions and
repairs to zorrower's Riverside >•o3pital which are to
`ae --:ade from the proceeds of the loan authorized by
this resolution, shall be subject to oxamination, In -
,action and approval of Arent or such other person
r;n -; be designated b; the ::nnaring Directors of DLC.
t i charges and OXUCIl,^,ea incident to
terms and conditions of this
':`:e cost of preparing the Bonds and
:^ required heroin, and that it mill
of any and all inspections and
or its repro sen tatives may deer
:-n!-.o with respect to the
- 1:_o11rs to 7orrower's
protect the interests
_,:n authorized b;, this
that;
or orlta:R.ncoa (certi-
vcrn; .o Cunt:d;an),
: -. ..:a.:i, c�nta'n!n• au°.atan-
.7
.�,11fi 1e1-13
b.
(2) Authorizin the issuance of said Bonds.
(3) Such other conditions, provisions and re-
quirements as Agent and Counsel may deem
necessary and advisable in order to adequately
protect the interests of DLC in this loan.
1
'.forks Pro ress Administration has approved the proiject
of Borrower in connection with its construction,
additions, and repairs to its Riverside Hospital j
substantially as set out in Borrower18 application]
and thkt such 1'.orks Progress Administration has
entered into a commitment to furnish to-orrower
a -rant of not less than '`82,589 (in the form of
money, labor or materials) to carry out the re-
habilitation of Bnmrovrer's Riverside Hospital. j
4. Evidence satisfactory to Agent that the proposed flood
wall to be bulla by the City of Paducah and the United
States Army EnZinecr3 will be constructed adjacent to
the City of Paducah.
5. A3reement of Borrower, in form and substance sfitisfactor'
to Arent and Counsel, that it will appropriate the sum of
;`-18,000 not later than December 31, 1938 for the care ofI
charity patients, such amount to to deposited in a speci1
fund to be used solely for payments of principal and
interest on said Bonds subsequently maturir>,g.
6. ":ritten statement of A3ent that he has received a letter or
other written assurance satisfactory to him, from approp iat
officials of Borrower stating in substance that sa'd officia
will use all reasonable efforts at their co -.nand to havethe
Borrower appropriate and pay a like sum of money, as re-
cuired by and in accordance t.ith the aGreement of Sorrow r
referred to in Condition I -B-5 hereof, to the itiverside
Hospital during each succeeding year subsequent to December
31, 1938, until said 'conds have been retired in full.
II. That this loan be disbursed (whether in reimbursement of amour s
theretofore expanded by Borrower of otherwise) in such amounts
and at such time or times as Agent may direct and for the purp so
or purposes set forth herein; provided, howei;er, that prior to
each disbursement for the purchase of the Bonds, Custod:an shn7l1
have received the following:
I
"A. 117ritten requisition or requisitions of Borrower, addressed �O
Custodian, stating the amount of Bonds which ,orrower desirgs
to sell and the date when it is desired to complete the sale,
such requisition to be accompanied by: i
i
1. Certificate of Borrower specifyin* in detail the purpose
for which Borrower proposes to expend the proceeds of the
sale of the Bonds.
2. Certified transcript of all prococdin•;s of 7orrower with
respect to said Banda taken to the date of sale (other
than such proceedin,s, if any, of wtich certified transcripts
shnll have previously boon delivered to .)LC)
incluiin_- an 3xocution, Si:;nnture and Ifo-Liti_,ation
Certificate (substantially In the form of 3.:'.C. F =rm
Leal 2, dated 9/26/33) siZnod by approariate city
officials In form satiftfactory to Counsel.
Z. Option of Counsel that the Bond or Bonds theretofore paid
for., L-' any, and those then requested to be
purchased,
constitute valid and binding negotiable o[:l1�at1on3 Of
:'orrower In accordance :with the terms of this resolution.
r1tte:;stater•crit of Arent that he has receives:
;ertll'Icnte of :.or•rower, 0-0ocil'yin_, In detail the purpose
Cor w'•:Sph the prnccods, of the particulnr sale of ''ends are
un ed.
ant fart'
,. or to such ot:hoi, pornrai a
.. .. .._. . .. .. ..... t. , ..gun ;in' ;' I-vt. ra
h the plane a r1
late -1 unrlor ..or,;;-
rb.30LVFD :: CO:�J, That the General Counsel be and hereby is au�bor
ized to modify this resolution by main; such changes herein,as t
cietsils or as to le -,al requirements, as he may doom adv'sablo.
RESOLVED THIRD, That the Treasurer be and hereb is authorize1 to
disburse this loan in accordance with this resolution, provided holy -
ever, that the first disbursement shall be made not later than s'xty
days after the date of adoption of this resolution, and that no
disbursement shall be made later than six months after the date off
adoption of this resolution.
The foregoin, resolution :las duly a dooted by the ;.tgnarging
Directors of Disaster Loan Corporation on April 1, 1938"
Ronald H. Allen
Assistant Secretary
Disaster Loan Corporation
AtMDATCRY RESOLUTION
"R310LV7D, That the resolution adopted by the Managing
Directors of DISASTEii LOAN CORPORATION on April 1, 1936, authorizir
a lean to the CTTl OF PADUCAH, I{EHTUCi-L, in #Ihh amount not exceedirl5
T:'GU6i; D DOLLARS (.)100,000), be and hereby is amended as fc
1. By inserting in RESOLVED FIRST thereof immediately after the
words and fi;;ures "OAE HUNDRED THOUSAiiD DOLLARS (.;100,000)°
the following:
", (plus accrued interest, as provided in Condition II hereo
on the Bonds hereinafter referred to)"
2. 3y striking from Condition II thereof the words "(whether in
reimbursement of amounts theretofore expended by Borrower or
j otherwise)" and substitutin.- therefor the following:
"for the purchase of Bonds at a price equal to the princiapl
amount Jhe total principal amount of all Bonds to be purcha
hereund:r not to exceed One Hundred Thousand Dollars
(4100,000)] thereof plus interest accrued to the date of
`@ purchase of the bonds."
The foregoin3 resolution was duly adopted by the ",ana-ing
Directors of Disaster Loan Corporation on July 5, 1936."
G. H. Cooksey
Secretary
Disaster Loan Corporation
SECTIO71 2. j
That the terms and conditions of the aforesaid roaolution of
Diear,ter --can Corporation, adopted by the i.:ana3in„ uiroctors of said
Corporation or. April 1, 193E, as amended by esolution of the Cana,tng
L)_cectcrs dated J.ay 5, 1936, co and the same aro hereby approved, as
at '.ntereats oi' the City of Paducah, that they be accepted
'rat c:ll ;77:9p3 I'eq,:ired -;y counsel for said Corporation, as sot forth
is 3ai3 resolutlon,.e ta'scn to arco:7g1i3h Was carrying out or said
res':lution as a -Winded.
`Jn Or _rro,,c 2_i%I1 se in full fnrcc and effect
trop �
after ;t3 srloptlon the -oar I of
. a3ae i `-J r,=._ i +al,7nars j."5,
,7
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