HomeMy WebLinkAboutOrdinances Book 16, Page 734, No Resolution Number734j
A RESOLUTION ACCEPTING THE PROPOSAL OF STEIN BROS. & BOYCE,
INC. TO ACT AS FISCAL AGENTS FOR THE ISSUANCE AND SALE OF PADUCAH
VOTED PUBLIC IMPROVEMENT (STREET PAVING) BONDS IN THE AMOUNT OF
$1,000,000.00
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That the proposal of Stein Bros. & Boyce, Inc. to
act as Fiscal Agents for the issuance and sale of Paducah Voted
Public Improvement (Street Paving) Bonds in the amount of $1,000,000.00,
be accepted, such proposal being in words and figures as follows:
"Honorable Robert C. Cherry, Mayor
and Members of the City Commission
City of Paducah
Paducah, Kentucky
Gentlemen and Mrs. McNutt:
"We have presented you with certain information and instruments
required to place on the November Ballot the question for approval or
disapproval of $1,000,000 City of Paducah Voted Public Improvement
(Street Paving) Bonds and have discussed with your City Attorney our
services relating to the completion of this Financing if approved by
the Electorate. We now present our services in more formal detail
and propose that we be approved as your Fiscal Agent on the following
terms and conditions:
"We will retain at our own expense Joseph R. Rubin of Rubin and
Trautwein,.Louisville, Kentucky, recognized Bond Counsel, and cause
to be prepared all of the necessary instruments such as Minutes,
Resolutions, Notices, Ordinances, Certifications, etc. necessary to
create and offer at public competitive sale the amount of Bonds
approved by the Electorate. All of these instruments will be.carefully
prepared and after your approval of maturity schedules, dating, call
features, paying agent and all other details, be presented to the City
Attorney well in advance, and in sufficient quantity, for study by
the City Officials prior to their regular meeting dates in order to
avoid the unnecessary inconvenience of called meetings. We will
cause the proper Notice of'Sale to be published in the Bond Buyer,
Courier Journal and local paper as required by statute=and assist
at the public sale in computing and determining the best bid to the
City. We will have the right reserved for rejection of any or all
bids by the City, and upon award of the Bonds to the low bidder, will
provide the necessary lithographed Bond forms and closing instruments
for execution and delivery to, and receipt of payment from, the
purchasers. Such closing papers will include the approving legal
opinion, Certification of Execution and No -litigation and all other
documents desired by the purchasers, for the City records, and the
Bond transcript..
"In order to establish that all actions of the City have been
performed in the manner and time required by Kentucky Statutes, the
Bond issue must be declared valid in the Court of Jurisdiction.
Through the Bond Counsel we will provide all of the pleadings, affi-
davits, exhibits and other instruments required for the City Attorney
to file such suit in the Circuit Court and assume the charges allotted
to the Counsel who is appointed by the Court to represent the class
defendant. Only the assistance and cooperation of the City Attorney
will be provided to us in this connection.
735
"Prior to publication of Notice of Sale of said Bonds we will
have detailed prospectus, or Official Statement, prepared describing
the historical and financial background of the City which is of interest
to Municipal Bond dealers and institutional Bond buyers and mail
without solicitation, copies of this brochure to a wide list of
institutions generally known to be interested in Municipal Bond sales.
As is our general practice, we will also present this information to
national rating service for quality classification which is desirable
in some cases to certain Bond buyers.
"we will, of course, expect to furnish complete transcript of
proceedings to the City Attorney, purchasers of the Bonds and to any
others as requested by the City, and perform all other duties and
services directly related to the guidance and conclusion of the
Financing.
"For our services and expenses, including the fees of our
Attorneys, the necessary publication of Notices and Ordinances,
preparation, printing and distribution of the Official Statement, as
well as all other directly related expenses of creation, issuance,
sale and delivery of the Bonds, we will be paid a fee of .9 of one
per cent of the par value of the issue, such compensation to be payable
only at the time of delivery of the Bonds to the purchasers and receipt
of the proceeds by the City. If the Bonds are not actually sold and
delivered, you will own us nothing, but if the Bonds are re -advertised
or efforts are otherwise resumed to accomplish substantially the same
purpose, we will be allowed to resume our efforts and be compensated
accordingly as set forth above upon completion of sale and receipt
of proceeds by the City.
"Your approval of this proposal by usual Resolution will place
our facilities at your disposal, and we stand in readiness to your
further call.
Respectfully submitted,
STEIN BROS. AND BOYCE, INC.
By /s/ H. L. Sullivan
Harold L. Sullivan, V. Pres.
APPROVED BY RESOLUTION
SEPTEMBER 1968
By
City Clerk "
SECTION 2. This Resolution shall be in full force and effect
from and after its adoption.
Mayor
Passed by the Board of Commissioners September 17, 1968
Recorded by Sarah Thurman, City Clerk, September 17, 1968