Loading...
HomeMy WebLinkAboutOrdinances Book 16, Page 752, No Resolution Number752 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF $1,270,000 OF CITY OF PADUCAH VOTED PUBLIC FACILITIES BONDS, DATED OCTOBER 1, 1968 WHEREAS, notice of sale of $1,270,000 of City of Paducah Voted Public Facilities Bonds, dated October 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: }. 2. 3. 4. Total Amounts Bid for said $1,270,000 of Bonds plus Net Accrued Interest Interest Bidders Interest Rates from October 1, 1968 Cost (1) Equitable Securities, 4 3/4 - 1971-1976 $1,270,000.09 4.62093 Morton & Co. Inc. and 4 1/2 - 1977-1986 Stein Bros & Boyce & 4.60 - 1987-1988 Associates 4.70 - 1989-1993 (2) Johnston, Brown Co 4.70 - 1971-1982 1,270,000.00 4.6542 and Associates 4.50 - 1983-1985 4.60 - 1986-1988 4.70 - 1989-1993 (3) Stifel, Nicolaus & Co 5 1/2 - 1971-1975 1,270,000.00 4.774362 Citizens Fidelity Bank 5 1/4 - 1976-1978 & Trust Co & 4 3/4 - 1979-1980 Associates 4.40 - 1981 4.50 - 1982 4.60 1983 4.70 - 1984-1985 4.75 - 1986-1993 WHEREAS, the matter of which bid is the most advantageous, and with the most favorable net interest cost to the City, has been sufficiently con- sidered; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: SECTION 1. That the bid of Equitable Securities, Morton & Co. Inc. and Associated for the purchase of said $1,270,000 of City of Paducah Voted Public Facilities Bonds, dated October 1, 1968, be accepted and confirmed, said bid being at a total price of $1,270,000.00 for said $1,270,000.00 principal amount of Bonds, plus accrued interest from October 1, 1968, to the date of delivery of the Bonds, such Bonds to bear interest, payable semi-annually, at the following interest rates. MATURITIES INTEREST RATE PER ANNUM 1971 through 1976, inclusive 4-3/4/ 1977 through 1986, inclusive 4-1/2% 1987 through 1988, inclusive 4.60% 1989 through 1993, inclusive 4.70' said bid being a bid at an average net interest cost rate to the City of 4.62093% per annum, s ad 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 rates on said Bonds are hereby fixed at the rates 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 checks of the successful purchaser(s) in accordance with the published Notice of Bond Sale and to return the other checks to the respective unsuccessful bidders immediately. SECTION 3. That said $1,270,000 of Bonds, in the denomination of $5,000, numbered 1 to 254, 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 Ordinances authorizing said Bonds, and that all of the proceeds of the sale of said Bonds shall be used only as provided in said Ordinances. 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, conflict herewith, be and the same are hereby amended or repealed to the extend of such condlict, and this Resolution shall be in force immediately upon its adoption and approval. 754 Alice H. McNutt, Mayor Protem Rev. W. G. Harvey, Cchmissioner Thomas E. Lambert, Commissioner ATTEST: City Clerk Passed by the Board of Commissioners September 24, 1968 Recorded by Sarah Thurman, City Clerk, September 24, 1968.