HomeMy WebLinkAboutOrdinances Book 15, Page 583, No Resolution NumberA RESOLUTION ACCEPTING THE PROPOSAL OF STEIN BROS. & BOYCE
AND THE KENTUCKY COMPANY -13 ACTING AS FISCAL AGENTS FOR THE ISSUANCE
AND SALE OF SEWER REVENUE BONDS AND SEWER RELIEF BONDS
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That the proposal of Stein Bros. & Boyce and The
Kentucky Company, acting as Fiscal Agents for the City in the issuance
and sale of Sewer Revenue Bonds and Sewer Relief Bonds, as evidenced
by letter of Harold L. Sullivan, Resident Partner of Stein Bros. &
Boyce, dated May 26, 1965, to the City Manager, be approved and
accepted, such letter being in words and figures as follows, to -wit:
"STEIN BROS. & BOYCE
Incorporated
Paducah, Kentucky
May 26, 1965
Mr. Cowles Mallory, City Manager
City of Paducah
Paducah, Kentucky
Dear Mx. Mallory:
With regard to our conversation about the intentions of the
City to proceed with the immediate issuance of $600,000
twenty year serial maturity Sewer Revenue Bonds and at the
same time start proceedings to vote on the issuance of
$2,500,000 additional Sewer Relief Bonds, the plan being to
promptly take construction bids on the most pressing sewer
requirements and include a moderate amount for a revolving -
extension fund with the $600,000 issue and later prepare and
sell the larger issue involving longer range needs.
You will recall our phone conference with Mr. Grafton of this
plan and he indicated that if we were given definite instruct-
ions and your exact requirements at an early date, that he
could turn out the new Bond and Rate Ordinances for your July
time schedule.
This program will involve two separate bond issues with some
questions still to be resolved as to the second issue. I
discussed with you a modification of our present agreement,
accepted by the City on October 27, 1962, which covered the
issuance of $2,600,000 Sewer Bonds with a fee of.41% of one
percent upon completion of the bond sale.
We have consulted with our associates (The Kentucky Company)
on the amount of time and expenses consumed thus far and also
considered the scope of work and service to carry out your
present plans of promptly issuing $600,000 bonds now and
hoping for a successful conclusion of the balance of the work
in the reasonable future, and it is our suggestion that we
simply modify our present contract to cover either Revenue
Bonds or General Obligation Voted Bonds and provide further
that the fee on the first $600,000 be one percent with the
fee remaining the same (.41a) on the approximate $2,500.000
Bond issue if and when successfully concluded.
If this is agreeable with you and the Commissioners, we will
he glad to start compliance with your instructions promptly
and the present agreement can be changed accordingly at a
later date in a manner satisfactory for ,your minutes or
records.
Awaiting your further advice, I am
Yours very truly,
/S/ H. L. Sullivan
Harold L. Sullivan "
583
58L.
SECTION 2. This Resolution shall be in full force and effect from
and after its adoption.
Mayor
Passed by the Board of Commissioners June 8, 1965
Recorded by Sarah Thurman, City Clerk, June 8, 1965.