HomeMy WebLinkAboutOrdinances Book 15, Page 206, No Ordinance Number206
AN ORDINANCE OF THE BOARD OF COMMISSIONERS AS THE LEGISLATIVE
BODY OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING THE ISSUANCE OF $1,350,
CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES A, OF PADUCAH
JUNIOR COLLEGE, A MUNICIPAL COLLEGE OF SAID CITY
WHEREAS, The Board of Trustees of Paducah Junior College, a
Municipal College of the City of Paducah, McGracken County, Kentucky, by
Resolution entitled:
A RESOLUTION OF THE BOARD OF TRUSTEES OF PADUCAH
JUNIOR COLLEGE, PADUCAH, KENTUCKY, (A) REQUESTING THAT
THE BOARD OF COMiMISSIONERS OF THE SAID CITY OF
PADUCAH, AS THE LEGISLATIVE BODY OF SAID CITY AND
ACTING UNDER AUTHORITY OF KRS 165.165, CREATE AND
ESTABLISH A CONSOLIDATED EDUCATIONAL BUILDINGS
PROJECT OF PADUCAH JUNIOR COLLEGE AND CREATE AND
ESTABLISH AN ISSUE OF CONSOLIDATED EDUCATIONAL
BUILDINGS REVENUE BONDS, ISSUABLE FROM TIME TO
TIME AND PAYABLE AS TO PRINCIPAL AND INTEREST SOLELY
FROM THE REVENUES THEREOF; (B) PROVIDING FOR THE
SEGREGATION OF CERTAIN REVENUES OF THE COLLEGE AND
IRREVOCABLY PLEDGING THE SAME (TO THE EXTENT NECESSARY)
FOR THE PAYMENT OF SUCH PRINCIPAL AND INTEREST;
(C) MAKING CERTAIN COVENANTS, AGREEMENTS AND COMMIT-
MENTS OF THE BOARD OF TRUSTEES CONCERNING THE MANAGE-
MENT OF THE SAID COLLEGE AND OF ITS PROPERTIES,
REVENUES AND FUNDS; AND (D) APPROVING THE FORM AND
SUBSTANCE OF CERTAIN PROPOSED ORDINANCES AND REQUESTING
THAT THE BOARD OF COMMISSIONERS OF SAID CITY APPROVE
AND ADOPT THE SAME IN FURTHERANCE OF SUCH PURPOSES"
adopted October 31, 1963, (hereinafter referred to as the "Resolution")
has requested that the Board of Commissioners as the Legislative Body
of the City of Paducah, Kentucky, acting under authority of Section
165.165 of the Kentucky Revised Statutes, create and establish an
issue of Consolidated Educational Buildings Revenue Bonds of the said
Paducah Junior College; and
WHEREAS, in accordance with such request the Board of
Commissioners of the City of Paducah, Kentucky, by a certain Ordinance
entitled:
"ORDINANCE NO.
AN ORDINANCE OF THE BOARD OF COMMISSIONERS AS THE
LEGISLATIVE BODY OF THE CITY OF PADUCAH, KENTUCKY,
UNDER AUTHORITY OF KRS 165.165, CREATE AND ESTAB-
LISHING A CONSOLIDATED EDUCATIONAL BUILDINGS PROJECT
OF PADUCAH JUNIOR COLLEGE; CREATING AND ESTABLISHING
AN ISSUE OF CONSOLIDATED EDUCATIONAL BUILDINGS
REVENUE BONDS OF THE BOARD OF COMMISSIONERS OF SAID
CITY, FOR THE BENEFIT OF SAID PADUCAH JUNIOR COLLEGE;
PROVIDING FOR THE ISSUANCE FROM TIME TO TIME OF SAID
BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON SAID BONDS SOLELY FROM CERTAIN IDENTIFIED
AND PLEDGED REVENUES OF SAID COLLEGE; SETTING FORTH
CONDITIONS AND RESTRICTIONS CONTROLLING THE FUTURE
ISSUANCE OF PARITY BONDS; AND PROVIDING FOR A PUBLIC
SALE OR SALES"
adopted on November 12, 1963 (hereinafter referred to as the "Ordinance")
has created and established the same; and
WHEREAS, The Ordinance authorizes the issuance of said Bonds
by the Board of Commissioners in one or more series pursuant to an
ordinance authorizing such series; and
PIHEREAS, the Board of Trustees has determined that is in
the best interests of the College to issue at this time the initial
series of Bonds to be desiinated "Consolidated Educational Buildings
Revenue Bonds, Series A," and the Board of Commissioners concurs in
such determination;
NOW, THEREFORE, the Board of Commissioners of the City of
Paducah, Kentucky, does hereby ordain, as follows:
ARTICLE I - Definitions and Authority
Section 1.01. This ordinance (hereinafter referred to as
the "Series A Ordinance") is adopted in accordance with ARTICLE II,
Section 2.03 of the Ordinance.
Section 1.02.
(A) All terms which ,are defined in ARTICLE I of the Ordinance
shall have the same meanings, respectively, in this Series A Ordinance
as such terms are given in said Article of the Ordinance.
(B) In this Series A Ordinance, Series A Bonds shall mean
the Bonds authorized by ARTICLE II of this Series A Ordinance.
ARTICLE II - Authorization of Series A Bonds
Section 2.01. Pursuant to the provisions of the Ordinance
there is hereby authorized to be issued by the Board of Commissioners
of the City of Paducah, Kentucky, for the benefit of Paducah Junior
ColleEe, a Municipal College of said City, an initial series of Bonds
in the aggregate principal amount of One Million Three Hundred Fifty
Thousand Dollars ($1,350,000). Such Bonds shall be designated as
"Paducah Junior College Consolidated Educational Buildings Revenue
Bonds, Series A." Said Series A Bonds are hereby declared to have
been authorized under the Ordinance and in conformity with the pro-
visions of Section 7.10 of the Ordinance.
Section 2.02. Said Series A Bonds'are being issued for the
purpose of paying the costs (to the extent not otherwise provided) of
erecting and completing three educational buildings with necessary
appurtenances upon the New Campus of the College in McCracken County,
Kentucky, consisting of a new general classroom building, a new
science building, and a new physical education building, together
with reconstruction and completion of an existing structure which
will become an administration and library reading room building, all
of which, when erected and completed, will become and constitute
Parts of the Consolidated Educational Buildings Project of said College.
Section 2.03. The Series A Bonds shall be dated November 1,
1963, and bear interest payable semiannually on May 1 and November 1
of each yeat at a coupon rate or coupon rates not exceeding the
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statutory maximum of six per cent (6%) per annum, the exact rate or
rates of interest for said Series A Bonds to be fixed as a result
of advertised sale and competitive bidding for said Series A Bonds,
as hereinafter provided. Said Series A Bonds shall be numbered and
scheduled to become due and payable in numerical order on November 1
of the respective years, as follows:
BONDS NUMBERED PRINCIPAL AMOUNT DATE OF MATURITY
Inclusive
1-32
$32,000
November
1,
1965
33-66
34,000
November
1,
1966
67-101
35,000
November
1,
1967
102-138
37,000
November
1,
1968
139-176
38,000
November
1,
1969
177-215
39,000
November
1,
1970
216-256
41,000
November
1,
1971
257-299
43,000
November
1,
1972
300-343
44,000
November
1,
1973
344-389
46,000
November
1,
1974
390-437
48,000
November
1,
1975
438-487
50,000
November
1,
1976
•488-539
52,000
November
1,
1977
540-593
54,000
November
1,
1978
594-649
56,000
November
1,
1979
650-707
58,000
November
1,
1980
708-768
61,000
November
1,
1981
769-831
63,000
November
1,
1982
832-897
66,000
November
1,
1983
898-965
68,000
November
1,
1984
966-1036
71,000
November
1,
1985
1037-1110
74,000
November
1,
1986
1111-1187
77,000
November
1,
1987
1188-1267
80,000
November
1,
1988
1268-1350
83,000
November
1,
1989.
Section 2.04. Said Series A Bonds shall be issued in coupon
form, in the denomination of $1,000.00, and shall be reftisterable as to
principal only.
Section 2.05. The principal of and interest on said Series A
Bonds shall be payable in any coin or currency of the United States
of America, which at the time of payment thereof is legal tender for
the payment of public and private debts, at the principal office of
The Citizens Bank and Trust Company of Paducah, in the City of Paducah,
Kentucky, Trustee (or successor Trustee appointed pursuant to the
provisions of the Ordinance) which is hereby also appointed Paying
Agent for the Series A Bonds.
Section 2.06. The Series A Bonds maturing November 1, 1969,
and thereafter (being the Bonds numbered 139 and upwards) shall be
subject to redemption by the Board of Commissioners in whole or from
time to time in part in the inverse order of their maturities (less
than all of a single maturity to be selected by lot) on any interest
payment date on or after November 1, 1968, at the redemption prices,
expressed in percentages of principal amount, with respect to each
Bond as set forth below, plus in each case accrued interest to the
date of redemption:
r�
If
Redeemed
Redemption Price
On and
after November
1,
1968 to and including May 1, 1973
103%
On and
after November
1,
1973 to and including May 1, 1978
102%
On and
after November
1,
1978, but prior to final maturity
101%.
Section 2.07. Said Series A Bonds shall be executed on
behalf of said Board of Commissioners with the reproduced facsimile
signature of the Mayor of the City of Paducah and attested by the
manual signature of the City Clerk, and the facsimile of the corporate
seal of said City shall be imprinted thereon. Interest on said
Series A Bonds falling due on and prior to maturity shall be repre-
sented by appropriate interest coupons to be attached to each of said
Series A Bonds, which coupons shall be executed with the facsimile of
the official signatures of said Mayor and said City Clerk.
Section 2.08. For the purpose of securing the payment of
both the principal of and interest on all the Series A Bonds and to
secure for -the benefit of all the holders of said Series A Bonds the
faithful performance of the covenants and provisions contained in the
Ordinance in the manner and to the extent as permitted and provided in
the ordinance and in Section 165.16.5 and Sections 162.340, et seq., for the
Kentucky Revised Statutes, The Citizens Bank and Trust Company of Paducah,
in the City of Paducah, Kentucky, is hereby designated as Trustee under
the Ordinance for the holders of all of said Series A Bonds with the
powers and duties set forth in the Ordinance and with no liability
in connection with any action or omission to act under the Ordinance
except for its own negligence or wilful 'breach of trust. Execution
of the authentication certificate of the Trustee appearing on the
respective Series A Bonds shall conclusively establish the acceptance
as to such Series A Bonds by the Trustee of the trusts and provisions
with respect thereto as set forth in the Ordinance.
Section 2.09. The Series A Bonds and coupons and provisions
for registration appertaining thereto and the certificate of the
Trustee to be endorsed on said Series A Bonds shall be in substan-
tially the following respective forms, to -wit:
(FORM OF BOND)
UNITED STATES OF AMERICA
COMMOWEALTH OF KENTUCKY
CITY OF PADUCAH
PADUCAH JUNIOR COLLEGE
CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BOND
SERIES A
No.
$1,000.00
The Board of Commissioners as the Legislative Body of the
City of Paducah, McCracken County, Kentucky, acting under authority of
Section 165.165 and Sections 162.349 et. seq., of the Kentucky Revised
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Statutes, for the benefit of Paducah Junior College, a Municipal College
of said City, for value received, hereby promises to pay, solely from
the special fund provided therefor, as hereinafter set forth, to the
hearer, or, if this Bond be reeistered, to the registered owner hereof,
as hereinafter provided, the sum of One Thousand Dollars ($1,000.00)
on the first day of November, 19_, and to pay, solely from said
special fund, interest thereon from the date hereof until payment of
principal at the rate of per cent (_^%) per annum,
such interest being payable semiannually on the first days of May and
November in each ,year, except as the provisions hereinafter set forth
with respect to prior redemption may be and become applicable hereto,
such interest as may accrue on and prior to the maturity date of this
Bond to be paid only upon presentation and surrender of the annexed
coupons as they severally mature, both principal and interest being
payable in any coin or currency of the United States of America
which at the time of payment thereof is legal tender for the payment
of public and private debts, at the principal office of the Trustee,
The Citizens Bank and Trust Company of Paducah, in the City of
Paducah, Kentucky.
This Bond is one of a duly authorized issue of Bonds
designated as "Consolidated Educational Buildings Revenue Bonds"
(hereinafter referred to as the "Bonds") issued and to be issued under
and in full compliance with the Constitution and Statutes of the
Commonwealth of Kentucky, including among others, Section 165.165 and
Sections 162.350 to 162.380, inclusive, of the Kentucky Revised
Statutes now in full force and effect, and under and pursuant to
the Ordinance adopted by the Board of Commissioners on November 12,
1963 (hereinafter referred to as the "Ordinance") and the Series A
Ordinance adopted by the Board of Commissioners on November 12, 1963.
As provided in the Ordinance, the Bonds may be issued from
time to time pursuant to separate ordinances in one or more series, in
various principal amounts, may bear interest at different rates and
may otherwise vary as in the Ordinance provided. The aggregate prin-
cipal amount of Bonds which may be issued under the Ordinance is not
limited except as provided in the Ordinance, and all Bonds issued and
to be issued under the Ordinance are and will be equally secured by
the pledges and covenants made therein, except as otherwise expressly
provided or permitted in the Ordinance.
This Bond is one of a series of Bonds of various maturities
designated as "Consolidated Educational Buildings Revenue Bonds,
Series A," (herein called the "Series A Bonds") issued in the aggre-
0
gate amount of $1,350,000 under the Ordinance for the purpose of
financing the costs (to the extent not otherwise provided) of erecting
and completing educational buildings and necessary appurtenances as
parts of the Consolidated Educational Buildings Project of said
College (hereinafter referred to as the "Project"). Copies of the
Ordinance and the Series A Ordinance are on file at the office of the
Trustee. Reference is hereby made to the Ordinance pursuant to which
The Citizens Bank and Trust Company of Paducah, in the City of
Paducah, Kentucky, has been designated as Trustee for the holders of
the issue of Bonds of which this Bond is one and for the provisions,
among others, with respect to the custody and application of the
proceeds of the Bonds; the rights, duties and obligations of said
Board of Commissioners, of the Board of Trustees of said College, and
of the Trustee, and the rights of the holders of the Bonds; and by
the acceptance of this Bond, the holder hereof assents to all of the
provisions of the Ordinance. Under authority of the Statutes pursuant
to which this Bond is issued, this Bond shall have all the qualities
and incidents of a negotiable instrument, and subject to the provisions
for registration endorsed hereon and contained in the Ordinance,
nothing contained in this Bond or in the Ordinance shall affect or
impair the negotiability of this Bond.
The holder of this Bond shall have no right to enforce the
provisions of the Ordinance or to institute action to enforce the
covenants therein, or to take any action with respect to any default
under the Ordinance, or to institute, appear in or defend any suit or
other proceedings with respect thereto, except as provided in the
Ordinance. The Ordinance provides for fixing, charging and collecting
fees for the services of said Project, which fees will be sufficient
to pay the principal of and the interest on said Bonds as the same
become due and to provide reserves for such purposes and also to pay
the costs of operation and maintenance of the Project to the extent
the same are not otherwise provided. The Ordinance provides for the
creation of a special account designated "Consolidated Educational
Buildings Project Bond and Interest Sinking Fund" (herein called the
"Bond Fund") and for the deposit to the credit of said Bond Fund of a
fixed amount of the gross Revenues of said Project to pay interest on
the Bonds as the same become due and to pay or retire the principal
of the Bonds at or prior to the maturity thereof, and to provide a
reserve for such purpose, which Bond Fund is pledged to and charged
with the payment of said principal and interest.
The issue of Series A Bonds of which this Bond is one and
all other Bonds as may be outstanding from time to time under the
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Ordinance, are payable only from a fixed amount of the gross Revenues
derived from the operation of said Project which will be set aside in
said Bond Fund, and this Bond does not constitute any indebtedness of
the Board of Commissioners, or of the City of Paducah, or of Paducah
Junior College or of the Board of Trustees of said College within
the meaning of any provisions or limitations of the Constitution of
the Commonwealth of Kentucky.
The Series A Bonds maturing November 1, 1969 and thereafter
(being the Bonds numbered 139 and upwards) shall be subiect to redemp-
tion at the option of the Board of Commissioners in whole or from time
to time in part in.the inverse order of their maturities (less than
all of a single maturity to be selected by lot) on any interest payment
date on or after November 1, 1968, at the redemption prices, expressed
in percentages of principal amount, with respect to each Bond as set
forth below, plus in each case accrued interest to the date of redemption:
In Redeemed Redemption Price
On and after November 1, 196$ to and including Mav 1, 1973 103%
On and after November 1, 1973 to and including May 11 1975 102%
On and after November 1, 1978, but prior to final maturity 101%.
In the event the Board of Commissioners shall exercise its
option to redeem any of the Series A Bonds of which this Bond is a
part, notice of such redemption identifying the Bonds to be redeemed
will be given to the Trustee at least forty-five (45) days prior to
the specified redemption date and such notice shall be published at
least once not less than thirty (30) days prior to the specified re-
demption date in a newspaper or financial ,journal of general circula-
tion published in each of the Cities of Louisville, Kentucky, and
New York, New York. Any Bonds called for redemption and for the pay-
ment of which funds are deposited with said Trustee on the specified
redemption date shall cease to bear interest on said redemption date.
This Bond shall pass by delivery unless registered as to
principal on the books of said Board of Commissioners at the office of
the Trustee under the Ordinance, and such registration noted hereon,
after which no valid transfer hereof shall be effective unless made
on said books and similarly endorsed hereon at the written request of
the registered holder or his duly authorized representative, but this
Bond may be discharged from registration by being in like manner regis-
tered to bearer whereupon full negotiability and transferability by
delivery shall be restored but may again from time to:time be registered
as aforesaid. Such registration, however, shall not affect the negoti-
ability of the interest ccupons which shall always remain payable to
bearer and transferable by delivery merely. The Board of Commissioners,
the Trustee, and the Paying Agents may treat the bearer of this Bond,
if not registered as to principal, and the bearer of any coupon hereto
appertaining, whether or not this Bond be so registered, or if this
Bond be registered as herein authorized, the person in whose name the
same is registered, as the absolute owner for the purpose of making
payment and for all other purposes.
A statutory mortgage lien, which is hereby recognized as
valid and binding on said Project, is created and granted to and in
favor of the holder or holders of this Bond and the issue of Bonds of
which it is one, and in favor of the holder or holders of the coupons
attached thereto, and said Project shall remain subject to such
statutory mortgage lien until the payment in full of the principal
of and interest on this Bond and the issue of Bonds of which it is
one; provided, however, the Series A Bonds, of which this Bond is one,
are issued to finance the erection and completion of educational
buildings on the New Campus of Paducah Junior College, and it is the
announced intent and purpose of the Board of Trustees of said College
(with the concurrence of the Board of Commissioners) that when said
educational buildings and necessary appurtenances shall have been
completed, the situs and operations of the College will be transferred
thereto; and the right is expressly reserved to the Board of Trustees
of Paducah Junior College, as provided in the Ordinance, to lease, or
to sell and convey away all or any part of the lands and buildings of
the Old Campus free and clear of such statutory mortgate lien, subject
to the conditions set forth in the Ordinance with reference to the
disposition of the net proceeds thereof, to which reference is hereby
made for details.
This Bond shall not be valid or become obligatory for any
purpose, or be entitled to any security or benefit, under the Ordinance,
until it shall have been authenticated by the execution by the Trustee
of the certificate hereon endorsed.
It is hereby certified, recited and declared that all acts,
conditions and things required to exist, to happen, and to be performed
precedent to and in the issuance of this Bond do exist, have happened,
and have been performed in due time, form and manner as required by
law, and the amount of this Bond, together with all other obligations
of said Board of Commissioners and of the City of Paducah and of said
Paducah Junior College, does not violate any provision or exceed any
limit prescribed by the Constitution or Statutes of Kentucky; that
said Project will be continuously operated, and that a sufficient
portion of the gross Revenues therefrom has been pledged to and will
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be set aside into said Bond Fund for the payment of the principal of
and interest on this Bond and the issue of which it is one, and all
other bonds which by their terms and the terms of the Ordinance are
payable from said Bond Fund, as and when the same will respectively
become due.
IN TESTIMONY WHEREOF, The Board of Commissioners as the
Legislative Body of the City of Paducah, Kentucky, has caused this
Bond to be executed on its behalf by the reproduced facsimile signature
of the Mayor, and the facsimile of the corporate seal of said City to
be imprinted hereof, attested by the manual signature of the City Clerk,
and the coupons hereto attached to be executed with the facsimile
signatures of said Mayor and City Clerk, all being done as of the
first day of November, 1963.
(Facsimile of
Seal (Facsimile)
Mayor
City of Paducah, Kentucky
ATTEST:
(Manual Signature)
City Clerk..
No.
(FORM OF COUPON)
On the first day of , 19 "(unless the Bond
to which this coupon is attached shall have been duly called for
prior redemption and payment of the redemption price duly made or
provided for) the Board of Commissioners as the Legislative Body of
the City of Paducah, Kentucky, acting for the benefit of Paducah
Junior College, a Municipal College of said City, will pay to bearer
Dollars ($ ) in any coin or currency which
at the time of payment thereof is legal tender for the payment of
public and private debts out of its "Consolidated Educational Build-
ings Project Bond and Interest Sinking Fund," at the principal office
of The Citizens Bank and Trust Company of Paducah, in the City of
Paducah, Kentucky, as provided in and for interest then due on its
Consolidated Educational Buildings Revenue Bond, Series A, dated
November 1, 1963, Number
ATTEST:
(Facsimile)
Mayor
City of Paducah, Kentucky
(Facsimile)
City Clerk
(*The phrase in parenthesis should appear only in coupons
maturing on and after May 1, 1969, attached to Bonds numbered
139 to 1350, inclusive.)
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(FORM OF AUTHENTICATION CERTIFICATE)
This Bond is one of the Bonds described or provided for in
the within -mentioned Ordinance.
THE CITIZENS BANK AND TRUST COMPANY
OF PADUCAH, TRUSTEE
Paducah, Kentucky
By
Authorized Officer
(FORM OF REGISTRATION TO BE PRINTED ON
EACH SERIES A BOND)
Date of Name of ignature of Authorized
Registration Registered Holder Officer of Trustee
Section 2.10. The City Clerk is hereby authorized and
directed to cause an appropriate form or forms of a notice of sale
of a Series A Bonds to be published in the Paducah Sun -Democrat, a
legal newspaper published in Faducah, Kentucky, and having the largest
circulation therein, and in The Louisville Courier-Jpurnal, a legal
newspaper published in the City of Louisville, Kentucky, which will
afford state-wide notice of the sale, and in The Daily Bond Buyer, a
financial journal published in the City of New York, flew York, which
is a publication having general circulation among bond buyers and
said newspaper and financial journal are hereby declared to be quali-
fied to publish such notice for the Board of Commissioners within the
meaning and provisions of KRS Chapter 424. Such notices shall be
published in said newspapers and financial journal at least once and
shall appear not less than seven days nor more than twenty-one days
prior to the scheduled date of sale of said Series A Bonds. Such
notices shall be in the customary form and shall specify that sealed
competitive proposals for the purchase of such Series A Bonds shall be
received at a designated place and until some day and hour when the
Board of Commissioners will be in session. A minimum bid of 9$,9 of
par plus accrued interest shall be required. The right to reject any
or all bids shall be expressly reserved. On the occasion set forth in
such notice the Board of Commissioners shall consider all proposals
made pursuant to such notice, award the Series A Bonds in the manner
and for the purposes herein provided, establish the interest coupon
rate or rates which the Series A Bonds shall bear, and take all other
necessary and proper steps in the sale and issuance of the said
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Series A Bonds.
The City Clerk may cause to be prepared multiple copies of
a statement giving a more complete and particular description of the
Series A Bonds, provision for the security and payment thereof, dis-
position of bond proceeds and other information that is not possible
to give within the limits of the published notices, and furnish copies
of such statement to all interested bidders upon request. Such state-
ment may contain a particular description of the terms and conditions
upon which the Series A Bonds are offered for sale, in order to bring
about uniformity in the proposals which may be submitted for the
purchase of said Series A Bonds.
Section 2.11. There is hereby established a Construction
Account to be designated "Paducah Junior College Consolidated Educa-
tional Buildings Project - Bond Proceeds Series A Construction Account."
Immediately upon the issuance, sale and delivery of the Series A Bonds
all sums received as accrued interest shall be deposited by the
Treasurer in the Bond Fund, and shall be applied by the Trustee to
the payment of the coupons appurtenant to the Series A Bonds and first
thereafter becoming due. The balance of the bond proceeds shall be
deposited by the Treasurer in a bank or banks which are members of
Federal Deposit Insurance Corporation with advice that the same is
tendered for deposit in said Construction Account; and the aggregate
of all such deposits shall constitute a trust fund which shall be
subject, until disbursed for authorized purposes, to a first lien for
the security and protection of the holders of the Series A Bonds.
Moneys from time to time in said account or accounts shall be disbursed
by the Treasurer of the City according to such inspection, audit and
disbursement procedures as may from time to time be provided by law
for the purpose of paying the costs (to the extent not otherwise
provided) for erecting the educational buildings and necessary appur-
tenances as identified in Section 2.02 of this Series A Ordinance in
accordance with the approved plans and specifications therefor, and
only upon certification of the Architect or Engineer having supervision
of construction, as to each disbursement, that the amount thereof has
been duly earned by and is payable to the designated party or parties
for materials, services and/or labor furnished pursuant to proper
contract duly awarded therefor. Any balance remaining in said
Construction Account after the erection of said educational buildings
and the payment of all costs in connection therewith shall be deposited
in the Bond Fund; provided, however, that if proceedings are then pending
or imminently contemplated for the construction or completion of one
4
or more additional educational buildings, which are or will be financed
by issuance of additional Series Bonds pursuant to the Ordinance, and
which building or buildings constitute or will constitute a part of
the Consolidated Educational Buildings Project, any such unexpended
balance may be taken into account in determining the amount of Bonds
to be authorized therefor, or may otherwise be applied to the proper
costs thereof, in which event such unexpended balance may, upon authority
of the Board of Commissioners be transferred to the Series Construction
Account thereof.
Section 2.12. A certified copy of the Ordinance and a
certified copy of this Series A Ordinance shall be filed with the
Trustee and this Series A Ordinance shall take effect immediately
upon its adoption and publication, and the filing of the certified
copy thereof with the Trustee.
ADOPTED November 12. , 1963
(SEAL)
ATTEST:
TTEST:
City Clerk
C. Winston Gholson, Mayor Pro Tem
& Commissioner
City LLo77f Paducah, Kentucky
A. B. Fendley —
Commissioner
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