HomeMy WebLinkAboutOrdinances Book 13, Page 878, No Resolution Number878
1.
A RESOLUTION OF THE BOARD OF COIMIISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, ACCEPTING SUCCESSFUL BID ON p160,000 OF CITY
OF PADUCAH SCHOOL BUILDING REVENUE BONDS, DATED APRIL 1, 1958
WHEREAS, notice of sale of $160,000 of City of Paducah School
Building Revenue Bonds, dated April 1, 1958, has been given in strict
compliance with the law, and
WHEREAS, all bids received for said bonds have been considered
and are as follows:
2.
Interest
Bidder Rates
Pohl & Co. Magnus & 3�% 1959-1963
Fox Reusch 3% 1964-1967
2-3/4% 1968
Chas. Hinsch, Ky. Co. 3% 1959-1964
& Westheimer 2-3/4 1965-1968
W. L. Lyons &
Almstedt Bros
Stein Bros & Boyce
& Bankers Bond
Equitable & Merrill
Lynch
J.J.B.Hilliard
Walter, Woody &
Heimerdinger & W.E.
Hutton Co.
3' 1959-1961
2 2-19
2 -3/49d965 -b968
3 to 1959-1963
223/4% 1964-1966
30 1967-1968
2-3/4 1959-1960
2z 1961-1966
2-3/4 1967-1968
29194919
-3/46 65
3% 1966-1968
3% 1959-1960
34% 1961-1968
3. 4.
Amount for N1,000 Bond Net
Plus Accrued Interest Interest
from April 1, 1958 Cost
:1001.00 2.9917
1000.06
1000.05
1000.23
1000.39
1000.15
1000.11
2.8343
2.730406
2.89996
2.59851
2.93882
3.23714
WHEREAS, the matter of which bid is the most advantageous to the
City has been sufficiently considered.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH, KENTUCKY AS FOLLOWS:
SECTION 1. That the bid of Equitable Securities Corporation
& Merrill Lynch, Pierce, Fenner & Smith for the sale of said ;P160,000
of City of Paducah School Building Revenue Bonds, dated April 1, 1958,
be accepted and confirmed, the said bid being at a price of u1000.39
per $1,000 Bond, to bear interest payable semi-annually at the
following annual rates:
%31/4% 1959 through 1960
22 J0 3.961 through 1966
2-3/4% 1967 through 1968
said bid being a bid at an average net inberest cost to the City of
Paducah of 2.59851% per annum, said bid being hereby determined to
be the highest and best to the City for said bonds, and the interest
rate(s) on said bonds are fixed at the rates set out in said successful
bid.
SECTION 2. That all of said bonds shall be delivered by the City
Treasurer to said purchaser upon payment for same plus accrued interest
from April 1, 1958, to the date of delivery, in accordance with this
sale.
SECTION 3. That the acceptance of said bid subjects the City
to no liability if for any reason it is unable to obtain the final
approving legal opinion of Mr. Joseph R. Rubin, Attorney, of Louisville,
Kentucky, or if said bonds or the interest thereon should be subject
to ad valorem or income taxation by the Federal Government or the
Commonwealth of Kentucky on the delivery date of said bonds, and the
purchases shall not be required to take up said bonds without the
final approving opinion of said attorney accompanying said bonds,
or if said bonds or the interest thereon shall become subject tb
taxation.
SECTION 4. This Resolution shall be in full force and effect
from and after its adoption.
ATTEST:
ayor
uty Cler
Passed by the Board of Commissioners March 29, 1958
Recorded by Sarah Thurman, City Clerk, March 29, 1958
879