HomeMy WebLinkAboutOrdinances Book 16, Page 717, Ordinance Number 68-8-109ORDINANCE NO. 68-8-109
SECOND AMENDATORY BOND ORDINPN CE
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AMENDING THE (FIRST
AMENDATORY BOND ORDINANCE ADOPTED ON MAY 22, 1968, WHICH AMENDED AN ORDINANCE
ADOPTED ON FEBRUARY 21, 1968, "AUTHORIZING THE ISSUANCE OF ONE MILLION TWO
HUNDRED SEVENTY THOUSAND DOLLARS ($1,270,000.00) PRINCIPAL AMOUNT OF CITY OF
PADUCAH VOTED PUBLIC FACILITIES BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO
ACQUIRE CERTAIN PROPERTY KNOWN AS FOREST HILLS," TO FINANCE IMPROVEMENTS
THERETO (INCLUDING THE RAZING OF IMPROVEMENTS THEREON) AND TO PROVIDE FOR THE
INITIAL OPERATION THEREOF, SO AS TO PROVIDE THAT SUCH BONDS SHALL NOW BE
DATED OCTOBER 1, 1968, THAT THE DATES OF PRINCIPAL MATURITIES OF SAID BONDS
SPECIFIED IN SAID ORIGINAL BOND ORDINANCE SHALL BE CHANGED SO THAT SAID
BONDS SHALL MATURE ON OCTOBER FIRST IN EACH OF THE RESPECTIVE YEARS, 1971 THR
1993, INCLUSIVE AND PROVIDING FOR AN IMMEDIATE PUBLIC SALE OF SAID BONDS.
WHEREAS, the City of Paducah, Kentucky, by Ordinance introduced and
given its first reading on February 13, 1968, and given its second reading
and adoption on February 21, 1968, provided for the issuance of $1,270,000
principal amount of City of Paducah Voted Public Facilities Bonds for the
purpose of acquiring certain property known as Forest Hills, financing
improvements thereto (including the razing of improvements th;=reon) and to
provide for the initial operation thereof, and
WHEREAS, said Ordinance provides for the sale of said Bonds after
an approving judgment of the McCracken Circuit Court is obtained pursuant to
KRS 66.210=220, and
WHEREAS, a (First)Amendatory Bond Ordinance, introduced and given
its first reading on May 15, 1968, and given its second reading and adoption
on May 22, 1968, provided that all dates specified in said original Bond
Ordinance shall be adjusted consistent with the delay encountered in the
issuance of said Bonds, and specified certain other details concerning the
project to be financed by such Bonds, and
WHEREAS, an appropriate suit seeking a declaratory judgment was
filed by the City in the McCracken Circuit Court under the styling of "City
of Paducah, Kentucky, v. Jerry L. Page, et al.," and
WHEREAS, certain parties intervened in said suit, resulting in
further delay, until an appropriate judgment was entered in said action on
July 5, 1968, approving and validating said proposed Bond Issue in accordance
718
with the provisions of Sections 66.210-220 of the Kentucky Revised Statutes,
which judgment is now final and unappealable, and
WHEREAS, it is now deemed advisable that the City adopt this Amenda-
tory Ordinance to provide that said Bonds shall be dated October 1, 1968,
instead of April 1, 1968, as provided in the priginal Bond Ordinance adopted
on February 21, 1968, and so as to provide that the dated of principal maturi-
ties of said Bonds shall be adjusted as herein set out,
NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, DOES ORDAIN AS FOLLOWS:
SECTION 1. DATED OF BONDS AND PRINCIPAL MATURITIES SET OUT
IN THE ORIGINAL BOND ORDINANCE ADOPTED ON
FEBRUARY 21, 1968, AS AMENDED BY THE AMENDATORY
BOND ORDINANCE, ARE HEREIN ADJUSTED SO THAT SAID
BONDS SHALL BE DATED OCTOBER 1, 1968, AND PRINCI-
PAL MATURITIES SHALL BE ADJUSTED TO FALL DUE
ONE YEAR LATER THAN ORIGINALLY SPECIFIED.
In accordance with the provisions of Section 1 of the aforesaid
Amendatory Bond Ordinance adopted on May 22, 1968, which provided that whenever
the appropriate validation of the $1,270,000 of Bonds referred to in the
preamble hereto has been accomplished, all dates specified in said original
Bond Ordinance shall be adjusted to current dates, it is hereby determined
that said $1,270,000 of Bonds shall be entitled "City of Paducah Voted Public
Facilities Bonds, dated October 1, 1968," that said Bonds shall be dated
October 1, 1968, shall bear interest from October 1, 1968, payable semi-
annually on April 1 and October 1 of each year, beginning April 1, 1969, and
shall be numbered and mature on October first in each of the respective years
as hereinafter provided. The numbering, maturities and total principal and
interest requirements, based on a tentatively anticipated interest rate of
five and one-half percent (5-1/2/) per annum, computed on a fiscal year basis
ending on October first in each of the respective years of maturity (with the
first principal maturity falling due on October 1, 1971 and the final princi-
pal amount falling due on October 1, 1993), are as follows:
L,
Tentative
Total
Estimated
Estimated
Interest
Principal
Maturity
Requirements
and Interest
October 1
Principal
Numbering
(5-1/2%)
Requirements
1969
$ ---
---
$ 69,850
$ 69,850
1970
--
---
69,850
69,850
1971
30,000
1-6
69,850
99,850
1972
30,000
7-12
68,200
98,200
1973
30,000
13-18
66,550
96,550
719
1974
$35,000
19-25
$64,900
$99,900
1975
35,000
26-32
62,975
97,975
1976
35,000
33-39
61,050
96,050
1977
40,000
40-47
59,125
99,125
1978
40,000
48-55
56,925
96,925
1979
45,000
56-64
54,725
99,725
1980
45,000
65-73
52,250
97,250
1981
50,000
74-83
49,775
99,775
1982
50,000
84-93
47,025
97,025
1983
55,000
94-104
44,275
99,275
1984
60,000
105-116
41,250
101,250
1985
60,000
117-128
37,950
97,950
1986
65,000
129-141
34,650
99,650
1987
70,000
142-155
31,075
101,075
1988
70,000
156-169
27,225
97,225
1989
75,000
170-184
23,375
98,375
1990
80,000
185-200
19,250
99,250
1991
85,000
201-217
14,850
99,850
1992
90,000
218-235
10,175
100,175
1993
95,000
236-254
5,225
100,225
SECTION 2. PRIOR REDEMPTION DATES TO REMAIN UNCHANGED.
That it is hereby determined that no change need be made in the prior
redemption dates specified in said original Bond ordinance, although the number
of the callable Bonds must be changed by reason of the change in the maturities
Accordingly, Bonds numbered 56 through 254, inclusive, maturing on or after
October 1, 1979, shall be subject to redemption by the City, prior to maturity,
in whole or from time to time in part, in the inverse ceder of their maturities
(less than all of a single maturity to be selected in lot) on any interest
payment date falling on or after October 1, 1978, upon payment of face amount
Plus all accrued interest evidenced by interest coupons maturing on and prior
to the redemption date, plus a redemption premium expressed in terms of a
percentage of the face amount of the respective Bonds so called for redemption,
as follows:
3% if redeemed on or after October 1, 1978, and on or before April 1, 1983;
2% if redeemed thereafter and on or before April 1, 1988; and
1% if redeemed thereafter and prior to final maturity.
In the event that any of said Bonds are called for redemption as
aforesaid, notice thereof identifying the Bonds to be redeemed shall be given
by publication at least once not less than thirty days prior to the redemption
date, in a newspaper of general circulation throughout Kentucky and in a
financial publication or journal of general circulation along purchasers of
bond issues published in New York City, New York.
720
All of said Bonds as to which said City reserves and exercises the
right of redemption and as to which notice as aforesaid shall have been given
and for the retirement of which, upon the terms aforesaid, funds are duly
provided, will cease to bear interest on the redemption date. Notice of such
redemption may be waived with the written consent of the holder(s) of the
Bond(s) so called for redemption.
SECTION 3. BOND FORM TO BE CHANGED CONSISTENT WITH THIS AMENDMENT.
That the bond form as set out in Section 6 of said original Bond
Ordinance, shall be changed so that the date thereof shall be October 1, 1968,
and the numbering of the callable Bonds shall be changed to 56 through 254,
and such bond form shall be otherwise in substantially the same form prescribed
in said Section 6 of said original Bond Ordinance.
SECTION 4. REVISED FORMS OF NOTICE OF BOND SALE, OFFICIAL
TERMS AND BID FORM APPROVED.
Consistent with the foregoing change in dates, Bond Counsel has
prepared and submitted revised forms of the necessary "Notice of Bond Sale,"
the 'Official Terms and Conditions of Sale of Bonds," and the "Bid Form,"
which forms have been examined by the Board of Commissioners and are found
to be in order; and same are hereby approved and may be used for the purposes
of this Ordinance, consistent with the purposes prescribed in Section 8 of
the original Bond Ordinance. That said Notice of Bond Sale shall be duly
published in accordance with the provisions of said Section 8 and that any
interested party shall be supplied copies of the aforesaid Official Terms and
Conditions of sale of Bonds and copies of the prescribed Bid Form, pursuant
to appropriate arrangements to be made for the sale of said Bonds at the
earliest practical and feasible date.
SECTION 5. ALL OTHER PROVISIONS OF THE ORIGINAL BOND
ORDINANCE READOPTED AND CONFIRMED.
That all other provisions of said Bond Ordinance adopted on
February 21, 1968, as amended by the aforesaid (First) Amendatory Bond Ordi-
nance adopted on May 22, 1968, except as further specifically amended and
supplemented herein, be and the same are readopted, ratified and confirmed.
SECTION 6. EFFECTIVENESS OF ORDINANCE.
This Ordinance shall be introduced at a meeting of the Board
of Commissioners and remain on file for at least one week for public inspec-
tion in the completed form in which it shall be put at the time of passage and
if adopted shall be in full force and effect ten days thereafter.
Mayor
721
Introduced by the Board of Commissioners August 13, 1968
Passed by the Board of Commissioners August 27, 1968
Recorded by Sarah Thurman, City Clerk, August 27, 1968
CERTIFICATE OF CITY CLERK
I, SARAH THURMAN, hereby certify that I am the duly qualified and
acting City Clerk of the City of Paducah, Kentucky, that the foregoing Ordinann
is a true copy of a Second Amendatory Ordinance, amending an Ordinance autho-
rizing the issuance of $1,270,000 of City of Paducah Voted Public Facilities Bo ds,
dated April 1, 1968, previously amended by the (First Amendatory Bond Ordinance
adopted on May 22, 1968; that said Second Amendatory Ordinance was introduced
and given its first reading by the Board of Commissioners of said City on
August 13, 1968, that it was placed and remained on file in my office for public
inspection in that identical completed form until August 27, 1968, on which
date it was given its second reading and final passage and adoption by said Boa d;
that it was published in The Paducah Sun Democrat on September 4, 1968; and
that no petition protesting its passage in accordance with KRS 89.600 was filed
with said Board or with me as of September 9, 1968; and that said Amendatory
Ordinance has now been recorded and appears as a matter of public record in ordi-
nance
rd-
nance Book 16, page 717, of said City.
IN TESTIMONY WHEREOF, witness my signature as City Clerk and the
official seal of said City this 9th day of September, 1968.
(Seal of City)
Sarah Thurman, City Clerk