HomeMy WebLinkAboutOrdinances Book 16, Page 775, Ordinance Number 68-11-132775
ORDINANCE NO. 68-11-132
AN ORDINANCE AUTHORIZING THE DISPOSITION OF THE $1,270,000.00
PRINCIPAL AMOUNT OF CITY OF PADUCAH VOTED PUBLIC FACILITIES BONDS
FOR THE PURPOSE OF ACQUIRING, IMPROVING AND OPERATING THE FOREST
HILLS PROPERTIES IN THE CITY OF PADUCAH, KENTUCKY
WHEREAS the $1,270,000.00 City of Paducah Public Facilities
Bonds dated October 1, 1968, as authorized by ordinance dated February
21, 1968 and its amendatory ordinances and validation suit, were sold
on October 17, 1968, and the net amount of $1,258,566.00 was realized
after depositing accrued interest in the sinking fund and after
paying the Fiscal Agents' fees, and
WHEREAS the said net amount has been invested in U. S. Treasury
Bills redeemable on November 21, 1968, and
WHEREAS the City of Paducah now desires to acquire the said
property and it must appropriate the proceeds of the bond money to
acquire, improve and operate the Forest Hills property,
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That upon maturity of the U. S. Treasury Bills
on November 21, 1968, the City Treasurer will transfer an amount equal
to the accrued interest on the Public Facilities Bonds from the date
of sale to the current date into the Sinking Fund, and transfer the
remainder of the proceeds to the Forest Hills Acquisition, Improvement
and Operating Account at the Paducah Pank & Trust Company, Inc.
SECTION 2. That thereafter, upon certification by the
Corporation Counsel of the City of Paducah that all deeds, contracts,
leases and closing statements are in proper order for the City of
Paducah to purchase and take title to the Forest Hills property from
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the Paducah Development Council, the City Treasurer is
-McCracken
authorized and directed to pay from the Forest Hills Acquisition,
Improvement and Operating Account the entire amount of said account
as follows:
(a) The sum of $1,000,000.00 to the Paducah -McCracken
Development Council for the purchase of Forest Hills
property.
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(b) The sum of $2,250.00 to the Paducah -McCracken Development
Council for legal fees and expenses.
(c) The sum of $1,766.19 to Joseph Rubin, Bond Counsel,
for additional expenses and services as result of the
bond validation suit.
(d) The sum of $2,175.00 to the Louisville Title Insurance
Company for an Owner's policy in favor of the City of
Paducah, Kentucky for the Forest Hills properties.
(e) The sum of $2,500.00 to J. William Howerton for certifi-
cation of title and acquisition of title insurance.
(f) A sum as is needed for all additional and incidental
closing cost to be determined and authorized by a
subsequent ordinance, requiring only one reading, for
such expenses as are under $1,000.00 each, to include,
but not be limited to, a propration of taxes for the city,
the city schools, the County of McCracken and the State
of Kentucky, recording fees, engineering fees for
project boundary certification.
(g) The remaining balance is to be paid in full to the
Forest Hills Public Project Corporation for improvement
and initial operation of the Forest Hills property Project.
SECTION 3. This ordinance shall be introduced and remain
on file for at least one (1) week for public inspection in the completed
form in which it shall be put upon its final passage, and if adopted
shall be in full force and effect ten (10) days thereafter.
Mayor
Introduced by the Board of Commissioners November 5, 1968
Passed by the Board of Commissioners November 12, 1968
Recorded by Sarah Thurman, City Clerk, November 12, 1968.