HomeMy WebLinkAboutOrdinances Book 16, Page 771, Ordinance Number 68-11-130771
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ORDINANCE NO. 68-11-130
AN ORDINANCE AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
A LEASE OF THE FOREST HILLS PROPERTY TO THE FOREST HILLS PUBLIC
PROJECT CORPORATION
WHEREAS the City of Paducah, Kentucky, is preparing to acquire
the hereinafter described property known as Forest Hills, and
WHEREAS the City of Paducah has issued bonds to finance said
purchase, and
WHEREAS the bond ordinance and its amendments contemplated payment
of the bond issue from revenue of the project, and
WHEREAS the bond ordinance provided that the City might lease
the property to a non-profit corporation to operate and manage the
property until the said bonds were retired.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor and City Clerk be, and they are
hereby, authorized and directed to prepare, execute and deliver,
immediately after the City acquires title to the hereinafter described
property, a lease to the Forest Hills Public Project Corporation, of
the property situated in the City of Paducah, County of McCracken and
State of Kentucky, and more particularly described as follows, to -wit:
All the property embraced within the plat boundary
of Forest Hills as shown by plat thereof recorded
in Plat Book E, at page 4, in the County Court
Clerk's office of McCracken County, Kentucky, less
and except therefrom the streets dedicated to the
public and easements for utilities as shown upon
said plat, together with all improvements located
thereon, including all water heaters, gas ranges,
refrigerators and other personal property located
in and/or affixed to and used in connection with
said improvements, and all machinery, equipment
and supplies owned by party of the first part now
located on the above described premises for the
purpose and use in maintaining and/or operating
said premises.
SECTION 2. The lease shall provide that the Lessee operate
the property as a public project and for a public purpose, such purpose
being specifically, but not limited to, the rental of houses and
apartments within the property boundary. The lease shall further
provide for the Lessee to have absolute control of the management and
operation of the property, but it shall be understood that the Board
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of Commissioners of the City of Paducah shall have and retain the
power of appointment of replacements on the Board of Directors of
said Corporation in accordance with its original Articles of In-
corporation. This lease shall further provide that all revenues from
the property after cost shall be paid into the City of Paducah Voted
Public Facilities Bond Sinking Fund of 1968 for bond retirement.
A part of the cost shall be an in -lieu -of tax payment to the City and
County. The lease shall provide for termination upon retirement of
said bonds or when a sufficient amount has been accumulated in the
Sinking Fund to retire said bonds.
SECTION 3. This ordinance shall be in full force and effect
from and after its adoption.
Mayor
Passed by the Board of Commissioners November 12, 1968
Recorded by Sarah Thurman, City Clerk, November 12, 1968.