HomeMy WebLinkAboutOrdinances Book 16, Page 443, No Resolution Number443 i
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF
$130,000 OF CITY OF PADUCAH PARKING FACILITIES REVENUE BONDS, DATED
JANUARY 1, 1968
WHEREAS, notice of sale of $130,000 of City of Paducah Parking
Facilities Revenue Bonds, dated January 1, 1968, has been advertised
in strict compliance with the law, and
WHEREAS, all bids received for said Bonds have been considered
and are as follows:
1. 2.
3.
4.
Total Amounts Bid
for said $130,000
of Bonds plus
Net
Interest
Accrued Interest
Interest
Bidders Rates
from January 1, 1968
Cost
First U.S.Corporation 6% 1969
- 1973.
$127,400.00
5..371
596 1974
- 1981
5'4/ 1982
- 1988
Stein Bros. & Boyce, 4-3/451. 1969
- 1973
128,630.00
5.3996
Inc. 5% 1974
- 1976
5'%% 1977
- 1981
5.40% 1982
- 1988
Security & Bond 5'S% 1969
- 1973
127,400.00
5.7288
Company 54% 1974
- 1977
5� 1978
- 1984
5.701% 1985
- 1988
Almstedt Bros. 4.701% 1969
-1972
127,400.00
5.757
5.25% 1973
-1978
5.5054. 1979
-1982
5.75% 1983
-1988
Magnus & Company 5-3/4% 1969
- 1973
5k'/ 1974
- 1984
5.60°/ 1985
- 1988
WHEREAS, the matter of which bid is the
most advantageous, and
with the most favorable net interest
cost 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 First U. S.
Corp. 6400 Lamar Ave.
Olive Branch, Miss. for the purchase
of said
$130,000 of City of Paducah
Parking Facilities Revenue Bonds, dated January
1, 1968, be accepted and
confirmed, said bid being at a total
price of
$127,400.00 for said
$130,000 principal amount of bonds, plus accrued interest from January
1,
1968, to the date of delivery of the
Bonds, such Bonds to bear interest,
payable semi-annually, at the following
annual interest rates:
444
MATURITIES INTEREST RATE PER ANNUM
1969 through 1973, inclusive 6/
1974 through 1981, inclusive 5/
1982 through 1988, inclusive 5'%'A
said bid being a bid at an average net interest cost rate to the City of
i
5.371% per annum, said bid being hereby determined to be the most
advantageous and with the most favorable net interest cost to the
City for said bonds; and the interest rate(s) on said bonds is(are)
hereby fixed at the rate(s) set out in said successful bid.
SECTION 2. That all other bids are hereby rejected, and the City
Clerk is ordered to hold the good faith check of the successful
purchaser(s) in accordance with the published Notice of Bond Sale and
I to return the other checks to the respective unsuccessful bidders
immediately.
SECTION 3. That said $130,000 of bonds, numbered 1 to 130,
inclusive, shall be delivered by the City Treasurer and/or other
proper City officials to said purchaser(s) as soon as said Bonds
are printed and ready for delivery in accordance with the ordinance
authorizing said bonds, and that all of the proceeds of the sale of
said bonds shall be used only as provided in said ordinance.
SECTION 4. 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 the firm of Rubin & Trautwein, Municipal
Bond Attorneys, Louisville, Kentucky, as to said bonds, or if said
bonds or the interest thereon should be subject to income taxation
by the Federal Government or to ad valorem or income taxation by the
Commonwealth of Kentucky on or before the delivery date of said bonds,
and the purchaser(s) shall not be required to take delivery of said
bonds without the final approving opinion of said attorneys
accompanying said bonds, or if said bonds or the interest thereon
shall become subject to such taxation on or before said delivery date.
SECTION 5. That all ordinances and resolutions, or parts
thereof, in conflict herewith, be and the same are hereby amended or
repealed to the extent of such conflict, and this Resolution shall be
445
in force immediately upon its adoption and approval.
CITY OF PADUCAH, KENTUCKY
By C'- . C,
Mayor
ATTEST:
L / //
City Clerk
Passed by the Board of Commissioners January 23, 1968
Recorded by Sarah Thurman, City Clerk, January 23, 1968