HomeMy WebLinkAboutOrdinances Book 9, Page 586, No Resolution NumberPage 586
A REFOLUTION PROVIDING FOR THF RECEIVING OF BIDS AND
PROPOSALS FOP ISSUING AND SELLING WATER 170RKS BONDS OF TITF CITY
OF PADUCAH, TO BE SECURED BY FIRST LIEN UPON THE PdATFR WORKS
PLANT AND PAYABLF ONLY OUT OF THF RFVFNUFS ANI' INCOM7 FROM SAID
PLAT?T, SO AS TO YIFLD FROM SAID SAL?
THE SUP.N OF AP'ROXI':'ATFLY
T17O MILLION ($2,000,000.00) DOTIAPS FOR SAID PUPPWF, AND FOR THE
'URPOSE OF MAKING NECF.SEARY FX"'FESTONS AND ITlPROV ??TS TFFRFTO,
AND PROVIDING 9 IT THF MAYOP SHALL FXECUTE ALL OUCH PAPVFS ON
BFHAL•F OP TFT CITY AE MAY BE NT'CFFFARY IN rOT'PLIANCF `ITTT ANY
ACCEPTED BTD OR PFOPOSAL.
7,rHERFAS, it has been found to be desirable that the City of
Paducah acquire by purchase its privately o,;,ned and privately
operated water works by issuing water works bonds therefor,
providing that the principal and interest thereof be payable only
out of the income and revenues of said eater v✓orkd plant, and
!H -T RFAS, it has been found that said water works can be
acquired by the City of Paducah and paid for and operated out of
the current revenues and income as now established, and that it
is to the interest of the public and the citizens of the city
that s,i� cater works be so acquired for the city, NO'."I,
THFPFFORF,
BF IT RFFOT.VED BY THE BOARD OF COr "IS TONFPS Or THF CITY
OF PADUCAP, KFNTUCKY:
SECTION 1.
That in order to provide funds with which to acquire by
purchase the privately owned and privately operated water works
plant and dystem and all properties connected therewith and
belonging thereto in the City of Paducah held under franchise
bearing operative date of May 220 1925, the Mayor and Board of
Commissioners will receive sealed bids or proposals in writing at
10:00 o'clock in the forenoon of September 12th, 1930 in t} -e
Commissioners' Chamber in the City Hall at Paducah, Kentucky.
Each proposal shall be sealed before being delivered and the same
shall be delivered to the Mayor on or before the opening of said
session of said Board of Commissioners, and there shall accompany
each bid a certified check paynble to the order of the Cit^ of
Paducah for a sum equal to two percent (2') of the- amount of the
. : bid, provided that if the bid is in the alternative on proposals
and the amounts to be realized are not exactly the same, then said
certified check shall be in the sum of Forty Thousand ($40,000.00)
Dollars. Each proposal shall contain a definite suggestion and
arrangement by which said bonds are to be issued and not exceeding
Page 587
five percent (5°C) interest and covering a retirement per'od of forty
i
(40) years from date with only interest thereon to be paid thereon during
the first three (3) years with principal payments to gradually increase
from time to time so that the interest and principal payments will be
apnroximate.ly increasing from time to time, and that the sum to be
realized from the sale of such bonds stall be Two Million (� 2,000,000.00)
Dollars, or approximately that sum.
SECTION 2.
Only the highest and best bid .-!ill be accepted, the Board of
Co- issioners reserving the right to reject any and all bVis, but in
considering the bids the Board of Coirmissionrrs will take into
consideration the financial ability of the bidder for handling the
proposed bond issue within the time required by law. And a birder wl-o
is unable to furnish satisfactory evidence to the Board of Commissioners
of his ability to carry out the provisions of his bid shall not have
his bid considered by the Board. Upon the acceptance of any bid or
proposal the ?Jayor is authorized to sign such papers as may be necessary
to carry out and put into effect such proposal.
SECTION 3.
The bid check of the successful bidder shall be held by the
City of Paducah until said bonds have been issued and the actual
transfer of the water works to the city has been effected, and when same
has been so effected said check shall be returned to said bidder. The
bid checks of the unsuccessful bidders shall be i -^mediately returned to
them upon the rejection of their bids or the acceptance of the bid of the
successful bider.
passage.
SECTION 4.
This resolution shall be in effect from and after its
Mayor �
Passed by the Board of Commissioners September 6, 1930
Recorded by Hunt Crossland, Ulerk, September 8, 1930
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